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Wills, trusts and estate planning tips for women after divorce

Divorce is a life-altering experience that can bring about many difficulties both psychologically and financially. According to statistics, separation is inevitable for some couples in California, and many marriages end in divorce. Women, in particular, can face unique challenges after a divorce. For women, the end of a marriage is arguably the most important time to re-evaluate future plans and update or create important documents such as wills and trusts.

After a divorce, assets often change. Many times after a split, a woman are entitled to a portion of her spouse's retirement accounts or savings plans. Updating existing estate planning documents to reflect changes in assets is imperative to ensuring that any new assets are kept safe and go to the proper beneficiaries.

Trusts are often one of the best ways to protect assets. Trusts are often thought of as tools only for the super rich. However, they are great for any person wanting to protect assets while making sure these assets go where desired after death. Trusts can also be used to defer asset distribution until children or other beneficiaries are legal adults.

If children are present, this is also the most important time to create a guardianship plan. This can be tough to many parents to think about. However, without a guardianship plan it is uncertain who would gain custody of children in the event of death.

The biggest mistake that many newly divorced women make is failing to plan. During an emotional event like divorce, estate planning is usually not a top priority. However, without a proper plan, financial difficulties can arise for family members and desires can go unfulfilled. California residents who have questions about wills, trusts or any aspect of estate planning could benefit from discussions with an experienced attorney.

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The Law Office of Araceli Tovar, APC

251 Madrona St.
Chula Vista, CA 91910

Phone: 619-869-4200
Fax: 619-869-4202
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